Mount Union, Iowa Property Taxes
The median property tax rate in Mount Union, IA is 1.49%, which is considerably higher than the national median of 0.99% but slightly lower than the Iowa state median of 1.54%. With the median home value in Mount Union at $114,830, the typical annual property tax bill reaches $2,020, still below the national median of $2,690. Property taxes in Mount Union are calculated based on the tax assessed value, which often falls below the market value due to various exemptions, such as those for primary residences and agricultural properties. Understanding Mount Union's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to significant annual savings. Whether you're in the heart of Mount Union or another part of Henry County, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Mount Union, Iowa Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
1.49%
Estimate Property Tax Bill
$1,711
Ownwell’s MOUNT UNION Property Tax Bill Calculator helps any homeowner, real estate investor, or potential owner estimate their annual property taxes in MOUNT UNION with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in MOUNT UNION to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. If you’re interested in seeing trends on a neighborhood level, scroll down to find more localized information. Your property’s assessed value is the value assigned by the county for property tax calculations, accounting for any exemptions that may apply.
Property Tax Rates Across Mount Union, Iowa
Property taxes in Mount Union, Iowa, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Mount Union is 1.49%, significantly higher than the U.S. national median of 0.99%. Local government entities within Mount Union set these rates annually, and they can vary across different neighborhoods. Each year, Mount Union estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Mount Union's effective property tax rate to other areas in Henry County and the national median. For comparison, the zip code 52644 has the highest median property tax rate of 1.49%, while the same zip code also has the lowest median tax rate of 1.49%. Understanding how these areas compare with Mount Union provides valuable insights into the varying tax landscape across Henry County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Mount Union Tax Rate
1.49%
Average Henry County Tax Rate
1.59%
Average Iowa Tax Rate
1.54%
Average United States Tax Rate
0.99%
Property Tax Rates Across Mount Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52644 | 1.31% | 1.38% | 1.49% | 2.08% | 2.91% |
Source: Ownwell
Property Tax Assessment Values Across Mount Union, Iowa
In Mount Union, Iowa, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Henry County Assessor for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. In Mount Union, assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in Mount Union helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with both the highest and lowest median tax bill is 52644, with a median tax bill of $2,020.
Average Mount Union Assessed Value
$114,830
Average Henry County Assessed Value
$136,180
Average Iowa Assessed Value
$167,100
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Mount Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52644 | $21,954 | $61,285 | $114,830 | $185,345 | $280,790 |
Source: Ownwell
Property Tax Bills Across Mount Union, Iowa
Property tax bills in Mount Union, Henry County, IA, are calculated based on the assessed value of a property, which is determined by the local assessor. The assessed value is a percentage of the market value of the home. For example, with a median home price of $114,830, the assessed value forms the basis for tax calculations. The property tax rate is then applied to this assessed value to determine the tax bill. Several factors influence the final tax bill, including local government budgets, school funding needs, and public service requirements. In Mount Union, property tax bills vary widely. Homeowners at the 25th percentile pay around $1,380, while those at the 75th percentile face bills of approximately $2,695. At the 90th percentile, tax bills can reach up to $3,932. These property taxes significantly impact homeowners, influencing decisions on home purchases and financial planning. Compared to the national median property tax rate of 0.99%, the figures in Mount Union reflect a diverse range of tax liabilities, affecting residents differently based on their property's assessed value.
Average Mount Union Tax Bill
$2,020
Average Henry County Tax Bill
$2,175
Average Iowa Tax Bill
$2,508
Average United States Tax Bill
$2,690
Property Tax Bills Across Mount Union, Iowa
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 52644 | $612 | $1,380 | $2,020 | $2,695 | $3,932 |
Source: Ownwell